As Donald Trump swept the 60th U.S. presidential elections on Wednesday, armed with support from the crypto community, questions have been raised by Indian crypto influencers about whether the Indian government should continue their hesitation and indecision over Bitcoin and other cryptocurrency regulations.
One of the major political campaigns of Donald Trump this year has been the promise of creating a strategic Bitcoin reserve for US and make his country the Bitcoin mining capital of the world. Famous Indian influencer and YouTuber Kashif Raza wrote in his X post-RBI should call an emergency meeting on Bitcoin and make a policy within 48 hours on how to include it in the treasury. Trump will let 🇺🇸 swallow everything available. It is an emergency.
Kashif X’s post signifies the Indian government’s apathy towards crypto. Small nations like Bhutan, EL Salvador, Kenya, and Paraguay have opened their arm to crypto while the Indian government is still happy with putting a 30% tax on it.
Similarly, Sumit Gupta, CEO of CoinDCX exchange, commented on a recent tweet by Senator Cynthia Lummis that America is going to create a strategic Bitcoin reserve.
India has the potential to become a leader in the crypto space as it tops the 2024 Global Adoption Index list published by Chainanlysis. However, despite massive userbase and adoption Indian government’s approach towards cryptocurrency and blockchain is too lazy.
There is no proper regulatory framework for crypto, but no clear rules and regulations which sometimes become a burden for Indian crypto users, we have seen this in the case of the WazirX 2000 crore hack.
If India misses this opportunity, other countries, particularly the United States, will seize it. With Donald Trump likely to become the next US president, the country is expected to see significant crypto adoption in the next five years. Trump has taken a pro-crypto stance during his campaign, which will likely encourage this trend.
Market analysts suggest that Trump’s potential victory could lead to a more crypto-friendly regulatory environment in the US, potentially influencing global crypto policies. This shift could create additional pressure on countries like India to establish clear crypto frameworks or risk falling behind in this digital asset race.
Also Read: “I am very uncomfortable with Stablecoins”:India’s RBI Governor
